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Brokers fined for failing to disclose Y2K data

by Dominique Deckmyn in Silicon Valley

The US Securities and Exchange Commission (SEC) has charged 37 brokerages with failing to comply with Y2K disclosure regulations.

The SEC said these are the first cases it has brought concerning Y2K disclosure, but warned that more are to follow.

Brokerage firms were obliged to report on their preparedness for the Year 2000 by 31 August 1998, using a special form, BD-Y2K. They had to disclose which steps they have taken to address the Y2K problem, as well as information on contingency plans in case they are not ready in time. The 37 companies entered no BD-Y2K or an incomplete one.

Nineteen of the companies have agreed to a settlement, which includes fines of $5,000 to 25,000, depending on which information they failed to report. SEC took action in conjunction with the National Association of Securities Dealers.

?Broker-dealers should disclose how they are working to ensure that their computer systems are ready for the Year 2000," said SEC commissioner Laura Unger in a statement. ?Firms are required to make public disclosure of their progress. Today?s cases make clear that we will not tolerate firms who keep customers in the dark in this vital area."